Dubai recognized as world’s 5th fastest rising city economy

Dubai has been classed amongst the top 10 cities that are intensifying economic development within their nations, according to a report.

Dubai recognized as world’s 5th fastest rising city economy

The study revealed that Dubai ranked fifth worldwide for 2014, up from 18th position in the previous year. It was also reported that Dubai’s progress was amplified by a 4.7% yearly increase in employment.

The emirate also registered the fastest development relative to its national economy with a 4.5% increase in gross domestic product, or GDP, per capita, versus 1.6% development for the UAE as a totality.

In general, the study found that economic activity and development in 2014 stayed excessively focused in the world’s main metropolitan fields.

The 300 largest metropolitan economies lodged 20% of both the world’s residents and its job. The report found that mounting metropolitan economies were escalating much faster than their more enhanced peers.

Dubai is the most crowded city in the UAE. The city is an international centre for tourism, professional services, transportation, and trade. Because of an determined plan to expand its economy, Dubai no longer depends on supplies or merchandises to power its economic development, and nowadays the service industry accounts for beyond 70% of total GDP.

On the whole, Dubai was positioned in number five among the list of influential worldwide metropolitan cities that are persuading the borders of the country’s economic development.

Moreover the top-ranked Macau, Dubai was the only developed economy city to highlight in the Top 20 fastest escalating metros, with GCC peer Riyadh placed at number 25 on the list.

The report also stated that the 300 largest metropolitan economies are home to 20% of the world’s residents and employments, nonetheless account for approximately half of worldwide GDP, highlighting that the worldwide economy is actually a metro economy.